SPX500 remains bearish below 3400 mark

SPX500 (Spot) has print yet another high around 3294 levels yesterday. The indice is trading extremely close to its all time highs of 3400 but remains capped lower at least for now. High probability remains for a larger degree Wave (3) to resume lower, until 3400 resistance holds well. The indice has already managed to carve larger degree Waves (1) and potential (2) at 2200 and 3294 levels respectively. If the above is correct, SPX500 will hold below 3400 resistance and reverse lower towards 2200 as Wave (3) progresses. Alternately, a break above 3400 would delay the drop further.

Remain short, stop @ 3400, target is 2750 and lower.